Chinese developers of Nairobi’s live-work-shop project, The Karen Waterfront, have contracted four Kenyan firms who will take 24 per cent of the Sh2.8 billion job.
The development is associated with the late poultry farmer billionaire Nelson Muguku’s family, a significant shareholder in Equity Group #ticker:EQTY.
Among the subcontractors is Metha Electricals handling works worth Sh395.26 million (14 per cent), Grosec Solutions with Sh96.52 million, Nairobi Botanical Gardens’ Sh11.58 million, Northstar Cooling Systems Sh93.39 million and plumbing Systems Sh126 million.
CJRE East Africa, which is a subsidiary of China Railway Group Company, is the main contractor of the Phase I of the project, which upon completion will cover 50 acres. The eventual cost is expected to rise to Sh10 billion on completion of all phases.
Located in the Karen Triangle (between Karen Road, Karen Lane and Lang’ata Road), it is one of Kenya’s largest real estate developments on the cards.
The mixed-use development comprises high-end residential apartments, retail space and office.
Regulatory filings show the family decided to implement the project in response to growing demand for high-quality retail, commercial and residential facilities. However, experts say malls and other large developments are under pressure following glut.
“It shall be developed in different phases organised around a 3.5-acre man-made lake… encircled by a landscaped boulevard as well as by extensive high-end residential apartments, retail space and offices.”
It will host a two-storeyed shopping mall spanning 25,000 square metres of leasable space overlooking the man-made lake.
The building’s ground floor will host an anchor tenant, besides chemists, clothes stores, a tyre centre, a grocery store, an art gallery with several lots reserved for commercial banks and wellness centres.
Retail shops, restaurants, a book store and salons will sit on the upper floor with the next two phases reserved for development of high-end residential apartments, offices and a hotel.